L.B. Foster Appoints New Independent Board Member
February 17 2016 - 8:30AM
L.B. Foster Company (NASDAQ:FSTR), today announced that it
appointed Bradley S. Vizi to its Board of Directors, effective
February 12, 2016. Mr. Vizi is also being appointed to the
Compensation Committee and the Corporate Nomination and Governance
Committee of the L.B. Foster Board. With the addition of Mr. Vizi,
the L.B. Foster Board will comprise nine directors, eight of whom
are independent, and will reduce to eight directors at the 2016
Annual Meeting of Shareholders due to the retirement of an
incumbent director under the provisions of the Company’s Corporate
Governance Guidelines.
Mr. Vizi, 32, is a founder of, and a Managing Director at,
Legion Partners Asset Management, LLC, which, along with its
affiliates, is a large shareholder of the Company (collectively,
“Legion Partners”). Prior to founding Legion Partners in 2011, Mr.
Vizi was an investment professional for Shamrock Capital Advisors,
the alternative investment vehicle of the Disney Family. Mr. Vizi
graduated from the Wharton School at the University of Pennsylvania
with a Bachelor of Science degree in Economics and is a CFA. Since
2013, Mr. Vizi has served on the Board of Directors of
publicly-held RCM Technologies, Inc. and currently serves as
Chairman of the Board.
“We are pleased to welcome Brad to the L. B. Foster Board of
Directors,” said Lee Foster, Chairman of the Board. “We believe
Brad’s investment background and public company Board experience
will be beneficial to L.B. Foster and our shareholders as we
continue to execute on our initiatives for creating shareholder
value. I am particularly delighted with the confidence that Brad
has in the Company and our shared vision of the future.”
Mr. Vizi stated, “I am honored to serve on the board of a global
company with such high quality solutions that improve
transportation and energy infrastructure. My recent conversations
with L.B. Foster's Board and senior management team have been
encouraging and have only validated our beliefs about the quality
and character of L.B. Foster’s Board and management team and the
path that lies ahead. I believe we share many of the same
priorities and are aligned in our commitment to creating value for
all L.B. Foster shareholders. I look forward to working
collaboratively with the rest of the L.B. Foster Board to build
upon the solid foundation in place and position the Company to take
advantage of opportunities to create value and reward
shareholders.”
Under the terms of an agreement between the Company and Legion
Partners regarding the appointment of Mr. Vizi, Legion Partners has
agreed to vote their shares in favor of the election of L.B.
Foster's slate of directors at L.B. Foster's 2016 Annual Meeting
and to abide by certain standstill provisions.
The complete agreement between L.B. Foster and Legion Partners
will be filed in a Current Report on Form 8-K with the Securities
and Exchange Commission.
About L.B. Foster Company
L.B. Foster is a leading manufacturer, fabricator, and
distributor of products and services for rail, construction, energy
and utility markets with locations in North America and Europe.
Please visit our website: www.lbfoster.com.
The matters discussed in this news release may include
forward-looking statements that involve risks and uncertainties.
Sentences containing words such as “anticipates,” “expects,” or
“will,” generally should be considered forward-looking statements.
Detailed information on risks and uncertainties which could affect
the Company’s operating results and liquidity are described in the
Company’s Forms 10-K, 10-Q and other reports, filed or to be filed
with the Securities and Exchange Commission. The Company urges all
interested parties to read these reports to gain a better
understanding of the many business and other risks that the Company
faces. The Company assumes no obligation to update or revise such
statements, whether as a result of new information or otherwise,
except as required by securities laws.
Contact:
David Russo
Phone: 412.928.3417
Email: Investors@Lbfoster.com
Website: www.lbfoster.com
L.B. Foster Company
415 Holiday Drive
Pittsburgh, PA 15220
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